Can I escape from this mortgage soon?

Burlesque_Babe

Any saving would be a good saving

homer_j_3

You would be best speaking to a mortgage adviser. There should be plenty of lenders that will consider you on your credit history. The problem will be that you are going to need to borrow in excess of 5 x your income to repay your mortgage and secured loan.

This income stretch may be a problem and seriously restrict the lenders that are available to you.

GMAC are a subsiduary of General Motors not Bristol & West although they may have had some dealing with them to enter the UK market. This I am not certain of but does ring a distant bell in the back of my mind.

So the key to your problem is that you need a lender that will give you the relevant income multiples and save you more than the redemption charges by next may. Is this likely? I do not know from the info you have supplied.

Do you have other debts like personal loans and/or credit cards? If so then it will slim your chances down.

If you are struggling financially then you may want to consider other options rather than trying to keep this level of borrowing up. If you have plenty of equity and you can find a property that will afford you a smaller mortgage then this could be another option? I would see a professional for advice

MortgageMamma

I can only think of one or two companies that would touch you on this and even then their rates are similar to GMAC so the savings if any, when your include the early repayment penalties and fee's for the new mortgage, would be very slim. I would sit this one out of I was you, and instead of getting into more debt trying to change your mortgage, I would concentrate on finding a means of increasing your income. One way would be to get a lodger in, become a part time foster carer, or get another part time job on top of the one you already have. Set yourself a challenge to reduce your debts by x amount before May 2007 and visit the debt free wanabee board regularly for advice and support and perhaps a little inspiration.

If it helps you feel any better, by next may you will be able to get a much better mortgage, at hopefully a lower rate (general rates permitting) and possibly with a mainstream lender. The most important thing is to keep chipping away at it until you are in a much more comfortable position.

GL

MM

Burlesque_Babe

many thanks - I'll stick it out until next May and then look again.